Bill Text: NJ S435 | 2024-2025 | Regular Session | Introduced
Bill Title: Establishes State Pension Cost of Living Reform Commission.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced) 2024-01-09 - Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee [S435 Detail]
Download: New_Jersey-2024-S435-Introduced.html
STATE OF NEW JERSEY
221st LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2024 SESSION
Sponsored by:
Senator JOSEPH PENNACCHIO
District 26 (Morris and Passaic)
SYNOPSIS
Establishes State Pension Cost of Living Reform Commission.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel.
An Act establishing the State Pension Cost of Living Reform Commission.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. There is hereby established the State Pension Cost of Living Reform Commission. The commission shall consist of 10 members, including:
(1) the State Treasurer, or a designee, who shall serve ex officio;
(2) the Director of the Division of Pensions and Benefits, or a designee, who shall serve ex officio;
(3) four members of the public appointed by the Governor, at the recommendation of the Treasurer, no more than two of whom shall be affiliated with the same political party;
(4) one member of the public appointed by the President of the Senate;
(5) one member of the public appointed by the Speaker of the General Assembly;
(6) one member of the public appointed by the Minority Leader of the Senate; and
(7) one member of the public appointed by the Minority Leader of the General Assembly.
b. All appointments shall be made within 60 days of the effective date of this act. Vacancies in the membership of the commission shall be filled in the same manner as the original appointments were made. The public members of the commission shall serve without compensation, but shall be entitled to actual and necessary expenses incurred in the performance of their duties within the limits of the funds made available to the commission for its purposes.
2. It shall be the duty of the commission to develop legislative recommendations within six months of the commission's first meeting. The legislative recommendations shall include, but need not be limited to, suggested revisions of the statutes that govern the State-administered defined benefit retirement systems and an analysis on the viability of a reinstatement of the cost of living increases for all retirees and all beneficiaries of the State-administered defined benefit retirement systems. The commission shall also include in its legislative recommendations an analysis on the viability of a reinstatement of the cost of living increases for retirees and beneficiaries of each of the State-administered defined benefit retirement systems separately, of the State Part and the Local Part of each retirement system separately, and the cost of reinstatement for the political subdivisions of the State for each retirement system and the State and Local Part of each system. The commission shall include suggested revisions of the statutes that govern the retirement systems relating to the authority of the board of trustees of each system to determine the reinstatement and the terms and conditions for such reinstatement.
3. a. The commission shall organize as soon as is practicable following the appointment of its members, but not later than 90 days after the effective date of this act. The commission shall choose a chairperson from among its members and shall appoint a secretary who need not be a member of the commission. The presence of seven members of the commission shall constitute a quorum. The commission may conduct business without a quorum, but may only vote on a recommendation when a quorum is present.
The commission may adopt rules of procedure and operation in furtherance of its responsibilities.
The commission may meet at the call of its chairperson at the times and in the places it may deem appropriate and necessary to fulfill its duties, and may conduct public hearings at such place or places as it may designate.
b. The commission shall be entitled to call to its assistance and avail itself of the services of the employees of any State, county, or municipal department, board, bureau, commission, or agency as it may require and as may be available for its purposes, and to incur traveling and other miscellaneous expenses necessary to perform its duties, within the limits of the funds appropriated or otherwise made available to it for its purposes.
c. The commission may make use of existing studies, surveys, data, and other relevant materials in the possession of any State agency and such materials in the possession of any political subdivision of the State. Each State agency and political subdivision of the State shall make information and materials available to the commission as it may require to perform its responsibilities under this act.
d. The commission shall issue a final report of its findings and recommendations to the Governor and to the Legislature pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1).
4. This act shall take effect immediately and shall expire upon the commission's issuance of its final report.
STATEMENT
This bill establishes the State Pension Cost of Living Reform Commission. The commission will consist of 10 members that will examine ways in which the Legislature may reinstate cost of living adjustments (COLAs) for retirees and beneficiaries, including an analysis on the viability and cost of reinstatement to each of the State-administered defined benefit retirement systems separately and the State and Local Parts of each. The commission will propose its findings and recommended legislation to the Governor and the Legislature within six months of its first meeting. The commission will then expire.
The commission will be comprised of the State Treasurer, the Director of the Division of Pensions and Benefits, and members of the public appointed by the Governor and by Legislative leadership from the Senate and the General Assembly.
